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Power company chooses fine over renewables

The Clean Energy Regulator has castigated a major electricity company for choosing to pay a $123 million penalty rather than build or contract new wind or solar power.

It says the "hugely disappointing" move from ERM Power undermines the renewable energy target and the company's customers would rightly be outraged.

But ERM says its decision, made for tax reasons, is within the letter of the law and insisted it has a strong record of investing in renewables.

The company will pay the regulator the $123 million shortfall charge rather than buy certificates of green power generation to meet its renewable energy target obligations for 2016, citing tax reasons.

"We view the intentional failure to surrender certificates as a failure to comply with the spirit of the law and an undermining of the objectives of the scheme," regulator chair Chloe Munro said.

"It's our view that an investment in a growing industry is money better spent than a financial penalty that has no return."

ERM customers pay part of their power bills specifically for renewable energy generation, and the regulator said they would be disappointed to learn the money had not been used for the intended purpose.

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The Clean Energy Council compared the move to demolishing a heritage-listed building and paying the fine afterwards.

"There are no excuses for this decision, and I expect ERM Power customers will be surprised and disappointed to learn of it," chief executive Kane Thornton said.

But ERM spokeswoman Michelle Barry said it was likely more power companies would do the same in coming years as the commercial realities of the renewable energy market catch up with them.

"This is a traded commodity and it's trading right up at the ceiling price," she told AAP.

The Renewable Energy Target (RET) works by allowing generators of renewable energy - both large-scale and small systems such as household solar panels - to sell certificates for the electricity they create.

Electricity retailers buy those certificates and have to surrender a certain number to the regulator each year, as a way of ensuring they use a proportion of renewable energy.

In a statement to the stock exchange, ERM said the price for the large-scale generation certificates had more than doubled to nearly $90 each, while the penalty to the regulator was valued at $65 per certificate.

Ms Barry said the law allowed companies up to three years to surrender the certificates, meaning ERM could still meet its 2016 obligations over the next couple of years and receive a refund of $123 million.

ERM had acquired millions of the certificates, including in 2016, as well as building six low-emission gas-fired power stations, and the emotional reaction to its decision was "really unfortunate", she said.

The company's ASX statement said it supported the principles of the renewable energy target and the benefits of cleaner energy.

Ms Munro said on the whole, the energy sector took a responsible approach to its obligations and there had been a recent uptick in new projects supported by large electricity retailers.